Written by: Lauren Ferraro, CFP ®, CPC, CPFA, AIF®, Senior Wealth Manager
Fraud occurs when someone wrongfully attempts to steal money or personal information to result in financial gain. There are different types of fraud including phishing scams, data breaches, identity theft, credit fraud, and mail fraud.
To prevent fraud and safeguard your accounts, we recommend considering these prevention tips:
- Protect your online accounts with unique, strong passwords (change passwords periodically) and multi-factor authentication. Do not use the same password for multiple accounts.
- Store your data in a secure location such as encrypted cloud storage.
- Be alert of common indicators for phishing scams, including urgent requests, requesting personal information, and offers that seem too good to be true. Do not click on links from unknown senders. Take a few minutes to think through and evaluate the legitimacy of what you are being asked to do.
- Shred documents with sensitive information.
- Avoid sending sensitive information through non-encrypted email or text messages.
- Make sure your browser is secure. Avoid using public Wi-Fi such as free Wi-Fi at coffee shops or airports as this comes with additional risks of cybercriminals intercepting the data.
- Routinely monitor your financial accounts and credit reports.
- Respond immediately if you become a victim of fraud.
- To reduce the number of Robo and Scam calls, consider registering for the National Do Not Call Registry at donotcall.gov. This service only stops sales from real companies. To prevent other illegitimate calls and scammers consider additionally using call-blocking apps such as Hiya Caller ID and Block and Mr. Number: Spam Protection & Number Search or contact your phone carrier for services such as AT&T Call Protect.
If you become a victim of fraud, there are steps to take to protect your credit including implementing a fraud alert and credit freeze on your accounts.
When it comes to safeguarding your personal, sensitive information, prevention is the best defense.
As always, please contact our team if you have any questions.
Additional Resources:
Consumer Financial Protection Bureau
https://www.consumerfinance.gov/consumer-tools/fraud/
855-411-2372
FTC Bureau of Consumer Protection
https://www.ftc.gov/about-ftc/bureaus-offices/bureau-consumer-protection
202-326-2222
Source: Federal Trade Commission Consumer Advice https://consumer.ftc.gov/features/how-stop-unwanted-calls
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